Earlier this month, news hit that BuzzFeed is likely going to miss revenue targets this year–by as much as 15% to 20%. Now the Wall Street Journal is reporting that the Jonah Peretti-cofounded media company plans to cut 8% of its U.S. staff–all on the business and sales side. The Journal adds that “some editorial staffers and business-side employees in the U.K. will also be let go.”

Sources tell me BuzzFeed is currently having an all-hands meeting in which the news is being delivered. It comes amid what can only be described as the continued bursting of a digital media bubble. Mic’s “pivot to video” has caused its traffic (and, reportedly, company morale) to significantly drop; Mashable is reportedly selling itself to publisher Ziff Davis for a fraction of what it was once worth; Even Vice is expected to miss its targets this year.

Digital media has always been tough, but many hopefuls looked to BuzzFeed as a beacon of how a company could adapt to the shifting media ecosystem. It had great traffic and has spent the last year diversifying its revenue efforts with new forays–which include Tasty and BuzzFeed Motion Pictures, as well as programmatic advertising and other e-commerce projects. Some of these bets were working. Tasty, for instance, had over 1.9 billion views in October, up 14% from September. The company’s plans to go public next year indicated even more hope. But its best efforts haven’t scaled to the level BuzzFeed had hoped, and now the IPO has reportedly been put on hold.

Meanwhile, BuzzFeed’s traffic has been stagnant. Last month, consulting firm Activate published…

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